US, China trade talks wrap up in Beijing

US, China trade talks wrap up in Beijing

Despite the stocks ending higher on Thursday, concerns over the economy slowing down continue to persist as trade talks between China and the USA restart.

U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin wrapped up negotiations in Beijing today, and the conversations will continue in Washington next week. China has made overtures in its talks with the USA that precedes its earlier mandate as the two sides try and overcome problemsin their proposed trade wars inclusive of forced technology transfers, US officials said on Wednesday.

In Washington, White House economic adviser Larry Kudlow said on Thursday that the talks were not "time dependent", and could last weeks or even months if necessary.

"Both teams are now sparing no effort" on the negotiations, Chinese commerce ministry spokesman Gao Feng said during a regularly scheduled briefing.

China's Commerce Ministry didn't immediately respond to faxed questions seeking comment.

The burst of diplomacy suggests both sides remain determined to reach an agreement that would avoid any escalation of a trade war that has seen them impose duties on US$360 billion of each others' imports.

U.S. insistence on keeping the first tranche of 25 percent tariffs on $50 billion worth of Chinese imports could be a sticking point for a deal, analysts say.

One person with knowledge of the talks said "translation is definitely an issue", referring to discrepancies between the Chinese- and English-language versions.

"They're talking about forced technology transfer in a way that they've never wanted to talk about before - both in terms of scope and specifics", he said, referring to Chinese negotiators.

At stake is an agreement that could resolve a conflict that's roiled markets and cast a shadow over the global economy.

The pact "has got to be right for the US., whatever the timetable is", Kudlow said. We went there, they're coming here. Talks are due to last the entire day on Friday.

CHINA and United States negotiators have been working line-by-line through the text of an agreement that can be put before President Donald Trump and counterpart Xi Jinping to defuse a almost year-long trade war, according to officials familiar with the matter. "We aren't yet where we want to be".

A Reuters report indicated China has made some movement on perhaps the stickiest issues within those negotiations: technology transfer. Going into the talks, people familiar with the negotiations had said there were still significant differences on an enforcement mechanism and the sequence of when and how US tariffs on Chinese products would be lifted.

And Chinese state broadcaster CCTV said the latest round yielded "new progress", without elaborating.

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